Connecticut Prohibits Accumulation of Bitcoin Assets
In a recent move, Connecticut's state legislature has passed a bill that prohibits the state and its political subdivisions from accepting cryptocurrency payments or holding and acquiring crypto-assets. This includes the establishment of a Bitcoin reserve.
Tristan, the editor-in-chief at Blocktrainer.de, provides insights into this development. Tristan, who has a background in economics and journalism, has been actively involved with Bitcoin since 2020. His interest in libertarian economic theory precedes his involvement with the digital currency.
Over the past few months, 26 U.S. states have introduced bills related to Bitcoin or crypto reserves. While Connecticut has taken a stance against these assets, states like New Hampshire and Arizona have passed laws allowing for the establishment of a Bitcoin reserve. In New Hampshire, the Bitcoin reserve can be established through active purchases of the asset.
Texas Governor Greg Abbott has indicated his support for the initiative to allow state Bitcoin purchases. As of now, a bill allowing state Bitcoin purchases is on his desk.
Joe Burnett, director of market research at Bitcoin service provider Unchained, made a joke on Twitter about shorting Connecticut in response to the news of the state's anti-Bitcoin reserve bill. However, it's important to note that only licensed brokers or traders registered with the relevant US financial authorities can short sell stocks in Connecticut; individuals can short sell stocks through brokerage accounts that allow short selling, but there is no special restriction or exemption unique to Connecticut for who can short sell.
As the cryptocurrency landscape continues to evolve, it will be interesting to see how other states respond to the potential of state-level Bitcoin reserves. Tristan, with his extensive background in economics and journalism, will undoubtedly continue to provide valuable insights into these developments.
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